Solana (SOL)’s worth dropped sharply on Monday amidst a market rout, plummeting to $110, a stage final reached in March this yr.
Solana (SOL)’s worth dropped sharply on Monday amidst a market rout, plummeting to $110, a stage final reached in March this yr. The broader crypto market has been rocked by U.S. recession fears and the unwinding of carry trades involving the Japanese yen. Over the previous week, Bitcoin (BTC)’s worth has fallen by 20%, whereas Solana has seen a 30% drop from $185, presently rebounding barely to simply under $140.
This decline coincided with important losses within the community’s standard memecoins. Dogwifhat (WIF), a memecoin that peaked at $4.58 in March, has skilled a extreme 40% decline over the previous week, now buying and selling at $1.40. Launched final December, Dogwifhat’s fast rise earlier this yr captured Solana’s rising affect within the memecoin sector. Among the many high 100 cryptocurrencies by market cap, Dogwifhat has led in weekly losses, with its whole market worth dropping by over $1 billion. One other Solana-based memecoin, Bonk (BONK), has additionally been affected by the market downturn. Bonk’s worth has dropped 33% over the previous week, now priced at $0.000018.
Amongst Solana-based memecoins with substantial market caps, these themed round cats have suffered significantly extreme losses. On Monday, MEW and POPCAT noticed declines of 27% and 34%, respectively. POPCAT’s current fall comes shortly after reaching an all-time excessive of $0.98 in mid-July. Nonetheless, MEW and POPCAT recovered barely on Tuesday, gaining 34% and 33% respectively.
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